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15-5-1908. Purchase of student loan notes.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-1908. Purchase of student loan notes.
Before purchasing a guaranteed educational loan note or an education loan note under this subchapter, the Student Loan Authority Division of the Arkansas Development Finance Authority shall reasonably determine that:
(1) The guaranteed educational loan note or education loan note represents a guaranteed educational loan or education loan actually disbursed to a qualified borrower;
(2) Due diligence both in making and collecting the guaranteed educational loan or education loan has been exercised with respect to that guaranteed educational loan or education loan;
(3) The guaranteed educational loan or education loan meets such other reasonable criteria as may be established from time to time by the Arkansas Development Finance Authority; and
(4) Other defects do not exist affecting the ability of the guaranteed educational loan or education loan to be guaranteed.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-1908
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:15-5-1908
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 85f6e59f42fe576262582a0b45ebbaa703398fba00ac8d55499089c095199ddc
Source location: content.xml paragraph 9940
Stored source content
15-5-1908. Purchase of student loan notes.
Before purchasing a guaranteed educational loan note or an education loan note under this subchapter, the Student Loan Authority Division of the Arkansas Development Finance Authority shall reasonably determine that:
(1) The guaranteed educational loan note or education loan note represents a guaranteed educational loan or education loan actually disbursed to a qualified borrower;
(2) Due diligence both in making and collecting the guaranteed educational loan or education loan has been exercised with respect to that guaranteed educational loan or education loan;
(3) The guaranteed educational loan or education loan meets such other reasonable criteria as may be established from time to time by the Arkansas Development Finance Authority; and
(4) Other defects do not exist affecting the ability of the guaranteed educational loan or education loan to be guaranteed.
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